A sales system based on direct, and usually public, competition among buyers to present a better offer. The auctioned item is awarded to the buyer who offered the most money for it. This system is also used by the public administration to award contracts for works or services to individuals and for the judicial sale of assets to pay creditors. The auction can also be a sealed bid, and is awarded in this case to the bidder who offers the best conditions without the possibility of improving it once known.
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